Robinhood Markets Inc (HOOD) 2025 Q3 法說會逐字稿

Thank you to everyone for joining Robinhood's Q3 2025 earnings call, whether you're tuning into the live stream at home or here with us in person. With us today are Chairman and CEO, Vlad Tenev; CFO, Jason Warnick; SVP of Finance and Strategy and Treasurer, Shiv Verma; and VP of Corporate Finance and Investor Relations, Chris Koegel.

感謝各位參加 Robinhood 2025 年第三季財報電話會議，無論您是在家中觀看直播還是親臨現場。今天與我們在一起的有：董事長兼執行長 Vlad Tenev；財務長 Jason Warnick；財務與策略高級副總裁兼財務長 Shiv Verma；以及企業財務與投資者關係副總裁 Chris Koegel。

Vlad and Jason will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from the audience, which includes institutional research analysts, finance content creators who may hold an ownership position in Robinhood and both institutional and retail shareholders. As a reminder, today's call will contain forward-looking statements.

Vlad 和 Jason 將致開幕詞，然後開放問答環節。在電話會議的問答環節，我們將回答觀眾提出的問題，包括機構研究分析師、可能持有 Robinhood 股份的金融內容創作者以及機構和散戶股東。再次提醒，今天的電話會議將包含前瞻性陳述。

Actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation and our SEC filings, all of which can be found at investors.robinhood.com.

實際結果可能與我們目前的預期有重大差異，除非法律要求，否則我們可能不會提供更新資訊。可能導致差異的潛在風險因素，包括我們持續關注的監管發展，已在我們今天發布的新聞稿、收益報告和提交給美國證券交易委員會的文件中進行了描述，所有這些文件都可以在 investors.robinhood.com 上找到。

Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation. With that, please welcome Vlad and Jason.

今天的討論還將包括非GAAP財務指標。與我們認為最直接可比較的 GAAP 指標的調整表可在收益報告中找到。接下來，請歡迎弗拉德和傑森。

Good to see everyone. It's great to be here with all of you today. We have a live audience again this time from Downtown San Francisco. And also great to, I think, for the first time in our earnings call, have institutional and retail shareholders, so buy side joining us. So welcome, and thank you.

很高興見到大家。今天能和大家聚在一起真是太好了。這次我們又有現場觀眾，他們來自舊金山市中心。而且，我認為，在我們的財報電話會議上，機構股東和散戶股東，也就是買方股東第一次加入我們，這也很棒。歡迎光臨，謝謝。

Also, we have our institutional analysts. So good to see a lot of familiar faces here. Q3 was another quarter of relentless product velocity. So we were excited to see that. It was really across our three focus areas, which, as a reminder, number 1 in active traders, number 1 in wallet share for the next generation, number one global financial ecosystem.

此外，我們還有機構分析師。很高興在這裡見到這麼多熟悉的面孔。第三季產品開發速度仍保持強勁動能。所以我們看到這個結果時非常興奮。這確實體現在我們三個重點領域，再次提醒大家，這三個領域分別是：活躍交易者數量排名第一、下一代錢包份額排名第一、全球金融生態系統排名第一。

So I'll briefly go through each of these. Active traders. We want active traders to feel like they are at a disadvantage if they trade anywhere other than Robinhood. And we've rolled out a ton of great new products for active traders. You guys might have seen second annual HOOD Summit in Vegas just a couple of weeks ago.

那我將簡要地逐一介紹。活躍交易者。我們希望活躍交易者如果選擇 Robinhood 以外的任何平台進行交易，都會感到處於劣勢。我們也為活躍交易者推出了一系列非常棒的新產品。你們可能在幾週前在拉斯維加斯看到了第二屆年度 HOOD 高峰會。

We announced a bunch of brokerage updates, shorting multiple brokerage accounts, AI-driven custom indicators powered by Robinhood Cortex, a whole new social platform, Robinhood Social. And we've got more. We've got more for you guys. We can't wait to share more next month at our first ever AI event on December 16. Innovation like this really has the active trader engine humming.

我們宣布了一系列經紀業務更新，包括做空多個經紀帳戶、由 Robinhood Cortex 提供支援的 AI 驅動自訂指標，以及一個全新的社交平台 Robinhood Social。我們還有更多。我們還有更多內容要告訴你們。我們迫不及待在下個月12月16日舉行的首屆人工智慧活動上分享更多資訊。這樣的創新確實激發了活躍交易者的熱情。

In Q3, we had record equity and option trading volumes, and October looks even better. For both equities and options in the month of October, we had new single day all-time and new monthly records. So both of those businesses just continuing to perform strongly. Prediction markets are really on fire. It's hard to believe that we launched this just about a year ago with the presidential election markets. We've doubled volume every quarter since then to 2.3 billion contracts in Q3.

第三季度，我們的股票和選擇權交易量創下歷史新高，10 月的情況看起來會更好。10 月份，股票和選擇權均創下了單日歷史新高和月度新高。所以這兩家企業都持續保持強勁的業績。預測市場異常火熱。很難相信，我們大約一年前才推出這個產品，當時是和總統大選市場一起推出的。從那以後，我們的交易量每季都翻了一番，第三季達到 23 億份合約。

And the month of October alone was up to 2.5 billion contracts. So October by itself was bigger than all of Q3 combined. Customers really love the product, and we're bringing them even more. We're now at over 1,000 live contracts, and we've expanded categories. So it's not just sports but also economics, politics, culture.

光是10月份一個月，合約數量就高達25億份。所以，光是10月的銷售額就超過了第三季的總和。顧客們非常喜歡這款產品，我們將為他們帶來更多選擇。目前我們有超過 1000 個有效合同，並且擴大了類別。所以，這不僅關乎體育，也關乎經濟、政治、文化。

We're making the UI much cleaner to experience even better. And I think it's really exciting to see where this can go. I mean, we love being early to this new asset class. And some people are saying this could be one of the largest asset classes because you can price risk in pretty much anything. We have a massive opportunity with assets as well.

我們正在讓使用者介面更加簡潔，以帶來更好的使用者體驗。我覺得這真的很令人興奮，看看它最終會發展成什麼樣子。我的意思是，我們很喜歡搶先進入這個新興資產類別。有人認為這可能是最大的資產類別之一，因為幾乎任何事物都可以定價風險。我們在資產方面也擁有巨大的機會。

Turning to wallet share. Our assets are now up to over one-third of $1 trillion as the generational wealth transfer of $120 trillion is fully in motion. So I think it's really great to see our financial super app accelerating. On the long-term money side, retirement, now up over $25 billion, which more than doubled in the past year. And Robinhood Strategies, which we just launched in March, now has over $1 billion in assets and is one of the fastest-growing digital advisers.

轉向錢包分享。隨著 120 兆美元的代際財富轉移全面展開，我們的資產現已超過 1 兆美元的三分之一。所以我覺得看到我們的金融超級應用程式加速發展真的非常棒。從長期資金方面來看，退休金目前已超過 250 億美元，在過去一年中增加了一倍多。我們今年 3 月剛推出的 Robinhood Strategies 目前資產規模超過 10 億美元，是成長最快的數位顧問公司之一。

On the banking front, Robinhood Gold Card, now over 0.5 million cardholders with over $8 billion in annual spend. So the numbers there just keep growing. That's 5 times growth in cardholders since the beginning of the year. And we'll get into this a little bit more in Jason's section, but we like what we see there. The customer behavior is good, and that's given us confidence to accelerate the rollout, and we're going to accelerate it even further.

在銀行業務方面，Robinhood Gold Card 目前擁有超過 50 萬持卡人，每年消費超過 80 億美元。所以那裡的數字一直在增加。與年初相比，持卡人數量增加了5倍。我們會在傑森的部分更詳細地探討這一點，但我們很喜歡我們看到的內容。客戶行為良好，這給了我們加快推廣的信心，我們將進一步加快推廣速度。

And Robinhood Banking started early customer readout -- early customer rollout quite recently. So far, we like what we're seeing there, too. Customers are direct depositing. You might have seen some nice screenshots of the user experience and the onboarding flow and people really love that they're getting interest, not just on their savings, but they have an opportunity to earn a good interest on checking. So it's really about simplifying things for customers.

Robinhood Banking 最近才開始早期客戶調查－早期客戶推廣。目前來看，我們也對那裡的情況感到滿意。客戶採用直接存款方式。您可能已經看到一些用戶體驗和註冊流程的精美截圖，人們非常喜歡他們不僅能獲得儲蓄利息，還有機會獲得支票帳戶的良好利息。所以，這其實就是為了簡化客戶的體驗。

And the plan is to just keep scaling this, keep adding more services, more products. And last but not least, we've been really grinding to build out the number 1 global financial ecosystem. So 10 years from now, the aim is to have over half of our revenue be outside the US and also cut another way. Right now, we're majority retail.

而我們的計劃就是不斷擴大規模，不斷增加更多服務和產品。最後但同樣重要的是，我們一直在努力打造全球第一的金融生態系統。因此，10 年後，我們的目標是讓超過一半的收入來自美國以外，也以其他方式削減開支。目前，我們主要從事零售業務。

We think we can get to over half being non-retail institutional. And these are tough goals, but I think the opportunity is there, and we're going after it. Three areas of progress to highlight from Q3. tokenization, which are stock tokens in the EU. We're now up to 400-plus public companies and growing.

我們認為非零售機構客戶佔比可以超過一半。這些目標雖然艱鉅，但我認為機會就在那裡，我們會努力爭取。第三季的三項進展值得關注：代幣化，也就是歐盟的股票代幣。我們目前已有 400 多家上市公司，而且還在持續成長中。

There's a lot of innovation to be done. We're working hard. Robinhood Ventures in the US. So we found a way to give exposure to non-accredited retail to private companies, which we think is super important and a huge opportunity for us. We've already made some initial investments.

還有很多創新工作要做。我們正在努力工作。Robinhood Ventures 在美國。因此，我們找到了一種方法，讓私人公司有機會接觸到未經認證的零售管道，我們認為這非常重要，也是一個巨大的機會。我們已經進行了一些初步投資。

We're working towards the public offering for Robinhood Ventures in the coming months. Bitstamp around the world, our first scaled institutional business, we're very excited about that. We are continuing to grow. We're adding capabilities. We're adding more institutional customers.

我們正在為 Robinhood Ventures 在未來幾個月內的公開發行做準備。Bitstamp 已在全球範圍內成立，這是我們第一個規模化的機構業務，我們對此感到非常興奮。我們正在持續發展壯大。我們正在增加新功能。我們正在增加機構客戶。

Volumes are up 60-plus percent quarter-over-quarter for Bitstamp. And it's great to see that we're accelerating even as we're integrating. And I think that's like not a common thing. It's a big business. I think the team has done a really nice job kind of integrating and making sure that product velocity just continues to increase.

Bitstamp 的交易量較上季成長超過 60%。令人欣慰的是，我們在整合的同時，也在加速發展。我覺得這應該不常見。這是一門大生意。我認為團隊在整合和確保產品迭代速度持續提升方面做得非常出色。

And as a result of all this, great business results in Q3, revenues up over 100% year-over-year to a record of nearly $1.3 billion, record net deposits in the quarter, over $20 billion. We've already exceeded last year's record of $50 billion in net deposits, and we still have another entire quarter to go.

也因此，第三季業績斐然，營收年增超過 100%，創下近 13 億美元的紀錄，季淨存款額也創下紀錄，超過 200 億美元。我們今年的淨存款額已經超過了去年的 500 億美元紀錄，而且還有一個季度才結束。

So we feel really good about the traction there. Gold subscribers up to a record 3.9 million, and that's 14-plus percent adoption when you look at the overall net account base, and it's nearly 40% for customers that joined in quarter, our new customers. International customers, nearly 700,000 international funded, including Bitstamp.

所以我們對這方面的進展感到非常滿意。黃金會員用戶數量達到創紀錄的 390 萬，佔總淨帳戶數的 14% 以上，而本季加入的新客戶佔比接近 40%。國際客戶近 70 萬，其中包括 Bitstamp。

So the UK and EU are continuing to grow nicely. And we feel great about Q3 product velocity and results. I think it was a strong quarter, and I'll turn it over to Jason to go through financials before we get into Q&A.

因此，英國和歐盟繼續保持良好的成長勢頭。我們對第三季的產品速度和業績感到非常滿意。我認為這是一個強勁的季度，接下來我將把財務數據交給傑森來介紹，之後我們再進入問答環節。

Sounds good. Thanks, Vlad. In Q3, we delivered another quarter of strong profitable growth. Revenue doubled while margins expanded and earnings per share more than tripled from last year. Year-to-date through Q3, revenues are up 65%.

聽起來不錯。謝謝你，弗拉德。第三季度，我們再次實現了強勁的獲利成長。營收翻了一番，利潤率擴大，每股收益比去年增長了兩倍多。今年迄今（截至第三季），營收成長了 65%。

Earnings per share is up 150%, and we continue to stay disciplined on expenses to deliver 75% incremental adjusted EBITDA margins. And it's exciting that as our business grows, we're continuing to diversify. In Q3, two more businesses, Prediction Markets and Bitstamp each surpassed $100 million in annualized revenue, bringing us to $11 million in total and underscoring the growing diversification and strength of our business. Prediction Markets reached that milestone in less than a year. It's our fastest in history, and it's already tracking towards a $300 million run rate based on October volumes.

每股盈餘成長了 150%，我們繼續嚴格控制支出，以實現 75% 的調整後 EBITDA 利潤率成長。令人興奮的是，隨著業務的成長，我們也持續多元化發展。第三季度，Prediction Markets 和 Bitstamp 兩家公司的年化收入均超過 1 億美元，使我們的總收入達到 1,100 萬美元，凸顯了我們業務日益多元化和實力增強。Prediction Markets 在不到一年的時間內就達到了這一里程碑。這是我們史上最快的成長速度，根據 10 月的交易量來看，年化收入已經有望達到 3 億美元。

So just really, really going fast. Now let's take a closer look at our Q3 results compared to a year ago. Revenues doubled to an all-time high of nearly $1.3 billion as our customers remained engaged and continue to bring more of their assets to the platform.

所以速度真的非常非常快。現在讓我們仔細看看我們第三季的業績與去年同期相比有何變化。由於客戶保持活躍並持續將更多資產轉移到平台上，收入翻了一番，達到近 13 億美元的歷史新高。

Trading volumes were up double to triple digits across equities, options and crypto, and we continue to grow market share across product categories. We're also seeing strong contributions from newer products like prediction markets, index options and futures.

股票、選擇權和加密貨幣的交易量均實現了兩位數到三位數的成長，我們在各個產品類別中繼續擴大市場份額。我們也看到預測市場、指數選擇權和期貨等新興產品做出了強勁貢獻。

Interest-earning assets were up over 50%, driven by strong margin and cash sweep growth. It's great to see margin continuing to hit new highs as we win larger customers and gain market share. And securities lending also hit an all-time high with a strong market backdrop as IPO activity continued to pick up.

受強勁的利潤率和現金流成長的推動，生息資產成長超過 50%。看到利潤率隨著我們贏得更大的客戶和擴大市場份額而不斷創下新高，真是令人欣喜。在IPO活動持續升溫的強勁市場環境下，證券借貸也創下歷史新高。

And Robinhood Gold grew to 3.9 million subscribers. That's over 75% year-over-year growth as we continue to broaden the value proposition, including Robinhood Banking, which is just beginning to roll out.

Robinhood Gold 的用戶成長至 390 萬。隨著我們不斷擴大價值主張，包括剛開始推出的 Robinhood Banking，我們的年增長率超過了 75%。

Turning to expenses. Q3 adjusted OpEx and share-based compensation came in at $613 million, it's about $40 million above the midpoint of our prior outlook range. This was driven by two items that are both related to our strong performance. First, stronger year-to-date results led to higher Q3 employee bonus accrual. That is higher for Q3, but also includes a catch-up for the first half of the year.

接下來談談費用。第三季調整後的營運支出和股權激勵費用為 6.13 億美元，比我們先前預測範圍的中點高出約 4,000 萬美元。這主要歸因於兩項與我們出色績效相關的因素。首先，年初至今的強勁業績導致第三季員工獎金提列增加。第三季的數據更高，但也包含了上半年的補差。

And second, the significant increase in our stock price this year triggered vesting on the remaining tranche of the 2019 CEO market-based award. This resulted in unplanned payroll tax expense in G&A. We are through that award now, so glad you get to go back to your $40,000 a year.

其次，今年我們股價的大幅上漲觸發了 2019 年 CEO 市場獎勵剩餘部分的歸屬。這導致一般及行政費用中出現了計劃外的工資稅支出。我們已經結束了那個獎項的評選，很高興你能恢復每年 4 萬美元的收入。

Looking ahead to the rest of the year, we're tracking toward full year 2025 adjusted OpEx plus SBC of around $2.28 billion, but it could be higher or lower depending on how the rest of the year plays out. This reflects our strong year-to-date business results, which had us tracking to the top end of our prior outlook range as well as some increased investment in new growth areas like Prediction Markets and Robinhood Ventures.

展望今年剩餘時間，我們預計 2025 年全年調整後的營運支出加上 SBC 約為 22.8 億美元，但具體金額可能會更高或更低，具體取決於今年剩餘時間的進展。這反映了我們今年迄今為止強勁的業務業績，使我們達到了先前預期範圍的上限，同時我們也增加了對預測市場和 Robinhood Ventures 等新成長領域的投資。

I think each of these areas have significant potential for us. And lastly, this also incorporates the cost of Vlad's market-based award, which were not previously included in our outlook. I'll also provide a quick update on the strong results we're seeing so far in Q4, as you may have seen in the release.

我認為這些領域對我們來說都具有巨大的潛力。最後，這也包括了弗拉德基於市場價值的獎勵成本，而這些成本之前並未計入我們的展望中。我還會簡要介紹我們在第四季度迄今為止的強勁業績，您可能已經在新聞稿中看到了。

October was a strong month across the business. We saw continued momentum in net deposits, new records set across equities, options, prediction markets, and margin and a nice step-up in crypto volumes. And before we go to Q&A, I'm sure you saw in the release that I'm going to be retiring next year. I'll transition in Q1 from my operating role into an advisory role and will stay on until September 1.

十月份公司各項業務都表現強勁。我們看到淨存款持續成長，股票、選擇權、預測市場和保證金交易均創下新紀錄，加密貨幣交易量也大幅成長。在進入問答環節之前，我相信你們已經在新聞稿中看到，我將於明年退休。我將於第一季從營運角色過渡到顧問角色，並將一直任職到9月1日。

I'm incredibly happy and proud to share that Shiv Verma will be stepping into the role of CFO. I've worked closely with Shiv these past seven years, and I've got absolutely complete confidence in him. You're going to find that he's seriously world-class.

我非常高興和自豪地宣布，Shiv Verma 將擔任財務長一職。過去七年裡，我一直與 Shiv 密切合作，我對他充滿信心。你會發現他真的是世界級的。

At this time, I'd like to invite Shiv Verma to join us up here. Okay. First of all, I want to thank Jason for all he's done for Robinhood. He's been an incredible steward of the company, not just the finance team, but the entire company and is leaving the finance team in a much stronger position than when he joined. Among his many assets, and you guys are obviously familiar with some of them, I would be remiss to not mention that his good looks were a main reason why we wanted to do these earnings on video, which everyone can agree.

此時，我想邀請 Shiv Verma 上來和我們一起。好的。首先，我要感謝傑森為 Robinhood 所做的一切。他一直是公司一位傑出的管理者，不僅管理著財務團隊，也管理整個公司，當他離開時，財務團隊的狀況比他剛加入時要好得多。在他的眾多優勢中（你們顯然對其中一些很熟悉），我不得不提的是，他英俊的外表是我們想用視頻形式展示這些收益的主要原因，這一點大家都會同意。

So I'm sure he'll be missed by this audience as well. I also want to congratulate Shiv. He's been working closely with me for some time now. You guys will increasingly see he's an exceptional operator. He's got a strong track record of not just being lean and disciplined, but also advocating for growth.

所以我相信，他的離開也一定會讓現場觀眾感到惋惜。我還要祝賀Shiv。他已經和我密切合作一段時間了。你們會越來越發現他是一位非常優秀的經營者。他不僅以精簡自律著稱，而且還積極倡導發展，並取得了顯著的成績。

And I think that balance is critical to so much that we do here. Tomorrow, Shiv celebrates seven years at Robinhood. So while he's got his hands on nearly everything, he's currently SVP of Finance and Strategy and also our Treasurer. So Shiv, welcome. Maybe he'll say a few words as well.

我認為這種平衡對我們在這裡所做的很多事情都至關重要。明天，Shiv將在Robinhood慶祝入職七週年。所以，雖然他幾乎事事親力親為，但他目前擔任財務和策略高級副總裁兼財務主管。希夫，歡迎你。或許他也會說幾句話。

Yeah. Thank you, Vlad. I'm so excited and humbled for the opportunity to serve our customers and shareholders. Much appreciation to you, the Board and the entire leadership team for the trust. To Jason, a heartfelt thank you.

是的。謝謝你，弗拉德。能夠有機會為我們的客戶和股東服務，我感到無比興奮和榮幸。非常感謝您、董事會和全體領導團隊的信任。向傑森致以衷心的感謝。

We joined six weeks apart, and we've been on quite the journey together. Many of you know Jason is a fantastic CFO, but he's also an incredible colleague, mentor and friend. I just want to express my sincere gratitude.

我們相隔六週加入，一起經歷了一段奇妙的旅程。你們很多人都知道傑森是一位出色的財務官，但他也是一位了不起的同事、導師和朋友。我只想表達我由衷的感謝。

For today, I'll keep it short and just want to introduce myself. As Vlad said, I've been here a little over seven years, and I've seen the company scale from a couple of million customers and a few billion assets to now 27 million customers and over $300 billion in assets globally.

今天就長話短說，簡單介紹一下自己。正如弗拉德所說，我在這裡工作了七年多，我親眼見證了公司從幾百萬客戶和幾十億美元的資產發展到如今的全球 2700 萬客戶和超過 3000 億美元的資產。

I work closely with Vlad, Jason and the entire team. I've gotten to worn a lot of different hats. And as Vlad said today, I lead four teams: finance, strategy, corp dev, and treasury. In terms of what to expect, big picture, more of the same. Our top goal is still to grow and to keep delivering for customers to ship amazing products with high velocity.

我與弗拉德、傑森以及整個團隊密切合作。我體驗過很多不同的角色。正如弗拉德今天所說，我領導四個團隊：財務團隊、策略團隊、企業發展團隊和資金團隊。就未來走向而言，整體來說，一切照舊。我們的首要目標仍然是發展壯大，並持續為客戶提供高速、優質的產品交付服務。

We also believe in a lean and disciplined culture, and this is personally where I spend a lot of time. We obsess about capital allocation and ROI. We pride ourselves on small teams that can deliver outsized results, and we believe in profitable growth.

我們也信奉精簡自律的企業文化，而我個人也在這方面投入了大量時間。我們過度關注資本配置和投資報酬率。我們以能夠取得超乎尋常成果的小團隊而自豪，並且我們相信獲利成長。

And lastly, our financial North Star is going to remain the same, grow earnings per share and free cash flow per share and compound long-term shareholder value, plain and simple. So I'm excited to partner with everyone. I'll turn it back to Vlad and Jason and talk about this great quarter.

最後，我們的財務北極星將保持不變，那就是提高每股盈餘和每股自由現金流，並實現長期股東價值的複合成長，就這麼簡單。所以我很期待與大家合作。我將把話題轉回給弗拉德和傑森，讓他們談談這個精彩的季度。

Thanks, Shiv, and I do look forward to seeing Shiv competing on Jeopardy someday. Chris, why don't we go ahead and take some questions.

謝謝你，Shiv，我非常期待有一天能在《危險邊緣》節目中看到Shiv的身影。克里斯，我們不妨開始回答一些問題吧。

All right. Thank you, Jason. For the Q&A session, we'll start by answering shareholder questions from Say Technologies from shareholders who are joining us on video. And after the Say questions, we'll turn to live questions from our audience and then go to dial-in participants. So I'll kick it off with our first question from Say, which comes from Preston.

好的。謝謝你，傑森。在問答環節，我們將首先回答透過視訊連線參與的 Say Technologies 股東提出的問題。在回答完觀眾提問環節後，我們將回答現場觀眾的提問，然後接聽電話參與者的提問。那麼，我先從薩伊提出的第一個問題開始，這個問題就來自普雷斯頓。

Well, Vlad and Jason, can you guys see me okay?

弗拉德和傑森，你們看得見我嗎？

I see you now. There you are. Look at that. He's got the Robinhood logo. Did you draw that yourself?

我現在看到你了。你在那裡。瞧瞧。他身上有羅賓漢的標誌。這是你自己畫的嗎？

I painted that in class a couple of days ago.

那幅畫是我前幾天在課堂上畫的。

Awesome.

驚人的。

But I was wondering how quickly do you expect to roll out Robinhood Banking to users?

但我很想知道，你們預計多久會向用戶推出 Robinhood Banking 服務？

Yeah. Great question. This will be a relatively fast rollout. When you compare banking to the credit card, there's not the same considerations around making sure the economics between the borrowing and the spending are perfectly calibrated. I think banking is a simpler product in that way.

是的。問得好。這將是一個相對較快的推廣過程。將銀行業務與信用卡進行比較時，你會發現，在確保借貸和支出之間的經濟效益完美平衡方面，並沒有同樣的考慮。我認為從這個角度來看，銀行業是一種更簡單的產品。

And so the rollout will just be governed by customer feedback. We like what we see thus far, and so we're going to continue to rollout. And we expect that if there's no surprises, it should be pretty quick. We've already got customers trying it, including cash delivery available in some markets and early results are really good. So if you're in the state of New York and have access to banking, you can try it right now.

因此，推廣工作將完全取決於客戶的回饋。我們對目前的情況很滿意，所以我們將繼續推廣。我們預計，如果沒有意外情況，應該很快就能完成。我們已經有客戶嘗試這項服務，包括在某些市場提供貨到付款服務，初步結果非常好。所以，如果你身處紐約州並且可以使用銀行服務，你現在就可以嘗試一下。

All right. Thank you, Vlad. The next question is from (inaudible). All right. I'll read it.

好的。謝謝你，弗拉德。下一個問題來自（聽不清楚）好的。我會讀的。

So question was there was recent AWS-related outage. How are you strengthening platform resiliency to address that?

所以問題是，最近是否發生了與AWS相關的服務中斷。你們如何加強平台彈性來應對這個問題？

Sure. Yes, that's a great question. So for those of you that don't recall this, even though pretty much the entire Internet was briefly affected, including my kids elementary school, they couldn't take attendance. AWS had an outage a few weeks back, and that led to degraded app performance for a significant number of our customers. Now the good news is it actually demonstrates how much progress we've made in the resilience of our systems over the past few years.

當然。是的，這是一個很好的問題。所以，對於那些不記得這件事的人來說，儘管幾乎整個互聯網都短暫地受到了影響，包括我孩子的小學，他們也無法進行考勤。AWS 幾週前發生故障，導致我們大量客戶的應用程式效能下降。好消息是，這實際上表明，在過去的幾年裡，我們在提高系統韌性方面取得了多大的進步。

If this had happened to us like an outage of the infrastructure provider of this magnitude, if it had happened a few years ago, we probably would have been fully down. But we made a lot of investments in that time period.

如果這種規模的基礎設施提供者故障發生在我們身上，如果發生在幾年前，我們可能就會完全癱瘓。但我們在那段時間進行了大量投資。

And so even though things were slower and there were higher latencies, a lot of customers could manage their risk and place orders, although we didn't provide them with the type of experience that we would want. That's for sure. And one thing that you can be assured of is every opportunity, every outage like this, even if it's a third-party related is an opportunity for us to further strengthen our resilience.

因此，儘管速度較慢，延遲較高，但許多客戶能夠控制風險並下訂單，儘管我們沒有為他們提供我們想要的那種體驗。那當然。可以肯定的是，每一次這樣的故障，即使是第三方造成的故障，都是我們進一步增強自身韌性的機會。

So we've been hard at work looking at how we could become even better. And that's internally and also in conversations with all of our partners. So this is part and parcel of what we have to do. We want to be our customers, not just primary financial account, but we want to be their secondary financial account as well, which means that we have to continue to be robust.

所以我們一直在努力研究如何做得更好。這既包括我們內部的討論，也包括與所有合作夥伴的對話。所以，這是我們必須要做的事情的一部分。我們希望成為客戶的第二個金融帳戶，而不僅僅是他們的主要金融帳戶，這意味著我們必須繼續保持穩健發展。

All right. Thank you, Vlad. And let's take one more question from Say on video and see if we can go two for three here. So the next question is from Griffin.

好的。謝謝你，弗拉德。讓我們再來回答 Say 在影片中提出的一個問題，看看我們能不能三次答對兩次。下一個問題來自格里芬。

Really great quarter, first of all, but I wanted to ask around the super-app nature and kind of the evolution of Robinhood. So obviously, it was started to democratize investing for everyone. And now as you evolve into the full financial kind of ecosystem and also the true super-app for the next generation, how do you see this ecosystem maturing? So what products do you think will kind of be the core tie around all of this? And also, how do you see the biggest opportunities for this next generation as everyone's finances get more complex?

首先，本季業績非常出色，但我還想了解Robinhood作為超級應用程式的性質以及它的發展演變。很顯然，它的創立是為了讓每個人都能參與投資。現在，隨著你們發展成為完整的金融生態系統，以及面向下一代的真正超級應用，您認為這個生態系統將如何成熟？那麼你認為哪些產品會成為這一切的核心連結呢？另外，隨著每個人的財務狀況變得越來越複雜，您認為下一代面臨的最大機會是什麼？

Yes. I think that's a great question. I mean you're seeing that part of this vision is somewhat predictable in a sense. We have to look at how does money enter our ecosystem. And of course, we have all of the existing mechanisms, but Robinhood Banking -- the goal with Robinhood Banking is to be the place where our customers deposit their paychecks as well.

是的。我覺得這是一個很好的問題。我的意思是，你會發現這種願景的一部分在某種程度上是可以預見的。我們必須研究資金是如何進入我們的生態系統的。當然，我們擁有所有現有的機制，但 Robinhood Banking 的目標是成為我們的客戶存入工資的地方。

So that will handle the inflow of money. And a lot of the assets over time, we do believe will be invested. But the question is, can we minimize the reasons customers have for ever withdrawing money and make it as easy as possible for people to get money in.

這樣就能解決資金流入問題了。而且我們相信，隨著時間的推移，許多資產都會被投資。但問題是，我們能否最大限度地減少客戶提款的理由，並盡可能方便人們存入資金。

And over time, there will be new products, new product categories like Prediction Markets that arise. And we want to use our combination of best-in-class user experience and also economics to make sure we're a big player in everything that customers want to do with their money, not just in the US but increasingly globally. So it's going to be a combination of getting broader, but also selectively going deeper in areas where we feel like we have competitive advantage.

隨著時間的推移，將會出現新產品、新產品類別，例如預測市場。我們希望利用我們一流的用戶體驗和經濟優勢，確保我們在客戶想要用錢做的每一件事上都扮演重要角色，不僅在美國，而且在全球範圍內也是如此。因此，我們將採取擴大範圍，同時也將在我們認為具有競爭優勢的領域進行有選擇、深入的拓展。

All right. Thank you, Vlad. That concludes our shareholder questions from Say Technologies. And so now we'll move to Q&A from our live audience. The first question is going to be from Patrick Moley at Piper Sandler.

好的。謝謝你，弗拉德。以上就是Say Technologies公司向股東提出的問題。接下來我們將進入現場觀眾問答環節。第一個問題將來自 Piper Sandler 公司的 Patrick Moley。

For my question, I want to say congratulations to both Jason and Shiv. Jason, really enjoyed working with you. Shiv, looking forward to getting to know you a little better. So I had one on Prediction Markets. You've obviously become one of the leaders in the space, but there's been a lot of new entrants recently.

對於我的問題，我想對Jason和Shiv表示祝賀。傑森，和你一起工作非常愉快。Shiv，期待能更深入地了解你。所以我參加了一個關於預測市場的會議。您顯然已成為該領域的領導者之一，但最近也湧現了許多新的競爭者。

So I was hoping you could talk about just the strategy there and what you think gives you the right to win long term? And then as a second part to that, can you talk through some of the strategic considerations around maintaining your position today as kind of a retail distribution for the venues versus maybe trying to develop something internally, whether that's organic or inorganic?

所以我希望您能談談您的策略，以及您認為是什麼讓您有信心取得長期的勝利？其次，您能否談談在維持目前作為場館零售經銷商的地位，而不是嘗試內部開發一些東西（無論是有機增長還是無機增長）方面，您有哪些戰略考慮？

Yeah, yes. So I think one of the advantages we have entering any market, Prediction Markets aren't an exception is that we have distribution. And we have lots of customers, 26 million-plus funded accounts in the US that are trading and using us for all sorts of things. And from an infrastructure standpoint, we actually have an increasing set of tools that can plug in and are being built to be multi-asset.

是的，沒錯。所以我認為，我們進入任何市場（預測市場也不例外）的優勢之一就是我們擁有分銷管道。我們有許多客戶，在美國有超過 2,600 萬個已註資帳戶，他們透過我們進行各種交易和使用我們的服務。從基礎設施的角度來看，我們實際上擁有越來越多的可插入式工具，而這些工具正在被建構成多資產的。

So not just our mobile app, but increasingly on web. We have Robinhood Legend. We have all of these things that, that we announced at HOOD Summit. And it's really an ecosystem of financial services, and you'll see great integration between all of our platforms and all of our assets and account types increasingly so in the future. I think when we think about vertical integration, like should we be a market maker or should we be an exchange in any asset?

所以不僅是我們的行動應用，而且越來越多地出現在網頁上。我們有羅賓漢傳奇。我們在 HOOD 峰會上宣布的所有這些都已實現。它實際上是一個金融服務生態系統，未來您將會看到我們所有平台、所有資產和帳戶類型之間的高度整合。我認為當我們考慮垂直整合時，例如我們應該成為任何資產的做市商還是交易所？

One thing we look at is, is the vertical integration going to be accretive to us? Is it going to be something that is increasingly commoditized over time? And my feeling for how this is going to evolve in Prediction Markets at least is there's going to be a lot of entrants in the space, a lot of exchanges.

我們考慮的一個問題是，垂直整合是否會為我們帶來利益？它會隨著時間的推移而變得越來越商品化嗎？我個人認為，至少在預測市場領域，未來會有許多參與者和交易所進入這個領域。

And in the same way that across equities and options, customers are well served because there's a wide variety of venues that are competing on cost to offer great execution. I think Prediction Markets will evolve that way, too.

同樣，在股票和期權領域，由於有各種各樣的交易場所競相降低成本以提供優質的執行服務，客戶能夠得到很好的服務。我認為預測市場也會朝這個方向發展。

And I think in that world, the customer certainly benefits because different DCMs and markets will compete for who offers the lowest cost. And I think the power continues to be in our distribution and offering a wide variety of products and services.

我認為在那種情況下，客戶肯定會受益，因為不同的數位內容管理商和市場會競爭誰能提供最低的成本。我認為我們的優勢仍然在於我們的分銷管道以及提供各種各樣的產品和服務。

I think we're the only ones currently that have this powerful combination for traders, not just being able to trade Prediction Markets, but crypto, options, equities, futures, I think it's a great combination, and there are certain advantages for everything being in one place under a simple, easy-to-use platform. I think we can keep pressing on that advantage. And as you've noticed, I think the product has continued to evolve at a pretty rapid pace.

我認為我們是目前唯一一家為交易者提供如此強大組合的公司，不僅可以交易預測市場，還可以交易加密貨幣、選擇權、股票、期貨，我認為這是一個非常好的組合，所有內容都集中在一個簡單易用的平台上，這具有一定的優勢。我認為我們可以繼續利用這一優勢。正如你所注意到的，我認為該產品一直在以相當快的速度不斷發展。

I think you should expect that to continue and to even accelerate.

我認為這種情況會持續下去，甚至會加速發展。

Alex Markgraff, KeyBanc.

Alex Markgraff，KeyBanc。

Jason, Shiv; congrats. Maybe, Jason, one on crypto, the crypto business for a second. Just want to understand better as you've moved through the third quarter and early part of the fourth quarter, the mix of smart exchange routing and how that's sort of factored into the numbers that we're seeing.

Jason，Shiv，恭喜！或許，傑森，我們可以聊聊加密貨幣，聊聊加密貨幣產業。我只是想更了解，隨著第三季和第四季初的到來，智慧交換路由的組合以及它如何影響我們看到的數字。

Yes. So the blended take rate is kind of in the high $0.60 zone. And we are liking what we're seeing for smart exchange routing, really robust interest by customers. And the take rate that we're seeing so far into Q4 is kind of in the same zone. We'll have to watch how the mix plays out.

是的。所以綜合費率大概在 0.60 美元以上。我們對智慧交換路由的現狀感到滿意，客戶對此表現出了非常濃厚的興趣。而我們目前在第四季看到的轉換率也基本上處於同一水平。我們得看看最終結果如何。

But we like what we're seeing from customers. They're bringing more -- when they select smart exchange routing, they're bringing more of their trading volume to Robinhood. So we feel really good about the offering that we have.

但我們對客戶的回饋很滿意。當他們選擇智慧交易所路由時，他們會將更多的交易量帶到 Robinhood。所以我們對我們所提供的產品和服務感到非常滿意。

Yes. And I would just add one thing there. It's a big step towards pricing being a little bit more personalized, right? And what we had before, a lot of people ask us as well, your take rate is so much lower across the board. Can you raise your take rate.

是的。我還要補充一點。這是朝著更個人化的定價方式邁出的一大步，對吧？而且，很多人也問過我們，我們之前的成交率為什麼整體低很多。你們能提高一下漲價率嗎？

But I think the real story is a little bit more complex than that because certainly, if you're an active trader, you're trading huge volumes, you're able to use advanced offerings on exchanges. And in the past, we didn't have tools to offer those customers we might not have been super competitive for lower take rates.

但我認為真實的情況要複雜一些，因為如果你是活躍的交易員，你的交易量龐大，當然可以使用交易所提供的高級服務。過去，我們沒有工具向這些客戶提供服務，因此我們在較低的佣金率方面可能沒有很強的競爭力。

And that's what smart exchange routing really unlocks for us for those that are super active and bringing a ton of volume, almost like prosumer traders which we're seeing more of now that we've got Robinhood Legend, can we make Robinhood a no-brainer for them.

而智慧交易路由真正為我們解鎖了那些非常活躍且交易量巨大的用戶，幾乎就像專業消費者交易員一樣，我們現在有了 Robinhood Legend，我們看到越來越多的這類用戶，我們能否讓 Robinhood 成為他們的首選呢？

And we've seen more and more of those customers choosing us and coming in here after smart exchange routing, which is very exciting because that's just customer segment that we felt we were underpenetrated with.

我們看到越來越多的客戶選擇我們，並透過智慧交換路由來到我們這裡，這非常令人興奮，因為我們覺得我們在這個客戶群中的滲透率一直很低。

(Operator Instructions)

（操作說明）

Devin Ryan, Citizens.

德文·瑞安，市民。

Vlad, Jason, Shiv, and Shiv welcome to the call. I know you've been a big part of the story already. So kind of welcome to the stage here. And Jason, to you as well, the success to date and the best practices you put in place with the firm on strong footing. So congratulations.

弗拉德、傑森、希夫和希夫，歡迎參加通話。我知道你已經是這個故事的重要部分了。歡迎來到這個舞台。傑森，也祝你一切順利，感謝你迄今為止的成功，以及你為公司奠定的堅實基礎所採取的最佳實踐。恭喜你。

Thanks, Devin.

謝謝你，德文。

Question on private markets. Demand and activity that we're tracking is recovering. Last week, Morgan Stanley announced the acquisition of EquityZen. I know there can be some barriers with accredited investors, maybe that makes a little bit complicated.

關於私人市場的問題。我們追蹤到的需求和活動正在復甦。上週，摩根士丹利宣布收購 EquityZen。我知道合格投資者可能會有一些障礙，這可能會讓事情變得有點複雜。

But can you just talk about whether there's demand from your customer base and especially as companies stay private longer, just -- and a lot of the values created in the private markets, it would seem like Robinhood is in a great position to both be a trading hub and help create liquidity in the system, but then also maybe even in primary capital for private markets.

但您能否談談您的客戶群是否有需求，尤其是在公司保持私有狀態的時間越來越長的情況下——以及在私募市場創造的大量價值，Robinhood 似乎處於一個非常有利的位置，既可以成為交易中心，幫助創造系統流動性，甚至可能為私募市場提供一級資本。

So the question is just whether there's an increasing interest in private markets, if there's a plan there to do more. I know it connects to tokenization as well and also if M&A would make sense there as well.

所以問題在於，人們對私人市場的興趣是否日益濃厚，以及是否有進一步發展的計畫。我知道這與代幣化也有關聯，併購在那裡也可能有意義。

Yes. Maybe I'll start, but Shiv has also been working on the Robinhood Ventures front. So maybe I'll ask him to say a few words as well. Look, I think private markets are a huge opportunity and just let's focus on the US perhaps first because that's where we have the largest portion of our business, although international with tokenization provides some interesting opportunities as well.

是的。也許我會先開始，但 Shiv 也一直在 Robinhood Ventures 方面工作。所以也許我會請他再說幾句。我認為私募市場蘊藏著巨大的機會，我們不妨先聚焦美國市場，因為我們在美國的業務佔比最大，儘管代幣化也為國際市場帶來了一些有趣的機會。

In the US, I think it's one of the biggest iniquities that we think is part of our mission to help resolve. You mentioned yourself, you have a lot of these companies that are staying private longer. They're avoiding the public markets. They're private in valuations of hundreds of billions now, right? And if you want access to the AI innovation economy or space technologies, you don't have a ton of pure-play public companies to select from.

在美國，我認為這是我們肩負使命要解決的最大不公之一。你剛才也提到了，有很多公司選擇保持私有狀態更久。他們正在避開公開市場。它們現在都是估值數千億美元的私募股權公司，對吧？如果你想進入人工智慧創新經濟或太空技術領域，可供選擇的純粹的上市公司並不多。

So we think it's a bigger problem, particularly as these technologies have so much potential to upend the lives of retail consumers, giving access to that is a big part of it. A few years ago, we rolled out IPO access. And I would say that at first, people were kind of skeptical about it, right? Like we would have to really work hard to get companies to be interested to give retail IPO allocations.

所以我們認為這是一個更大的問題，特別是考慮到這些技術有如此巨大的潛力來顛覆零售消費者的生活，而提供這些技術的使用途徑是其中一個重要的部分。幾年前，我們推出了IPO准入服務。我想說，一開始人們對此都有些懷疑，對吧？例如，我們需要付出很多努力才能讓公司有興趣向散戶提供IPO配售機會。

And recently, pretty much every company that's notable that's thinking about going public comes to us, talks to us about their retail engagement strategy. And now they're looking at how do we engage retail better earnings calls, not just shareholder Q&A, but doing -- making earnings more compelling so that retail wants to actually watch and participate and learn as well.

最近，幾乎所有有知名度、正在考慮上市的公司都會來找我們，和我們討論他們的零售互動策略。現在他們正在研究如何更好地與零售商進行獲利電話會議互動，不僅僅是股東問答環節，而是要讓獲利更具吸引力，從而讓零售商真正願意觀看、參與和學習。

And we've noticed the allocations to retail going up in public companies, public IPOs, which we've been very happy about. And I think that's a trend that's going to continue. And we want to do that at earlier stage. And I think that's really the thesis behind Robinhood Ventures. And we found a way to do it, we believe, unaccredited.

我們注意到，上市公司和首次公開發行（IPO）中零售股的分配比例正在上升，對此我們感到非常高興。我認為這將是一種持續的趨勢。我們希望更早做到這一點。我認為這才是 Robinhood Ventures 背後的真正理念。我們找到了一種方法，我們相信，這種方法無需獲得認可。

And maybe Shiv can talk a little bit more about that.

或許希芙可以再多談談這方面。

Yeah. We've been working on this for a while, and we're super excited. In terms of the demand, when we talk to customers, it's one of the top things they want. They want access to these best-in-class technology companies that they use and love. And when you ask them, there's three big things they want.

是的。我們為此努力了一段時間，我們感到非常興奮。就需求而言，當我們與客戶交談時，這是他們最想要的東西之一。他們希望能夠接觸到這些他們所使用和喜愛的一流科技公司。當你問他們時，他們最想要的是三樣東西。

First is daily liquidity. Second, not to be accredited. 85% of Americans aren't accredited today, so they get left out. And third, more concentrated portfolios. They want to access again the names they love.

首先是每日流動性。其次，沒有獲得認證。目前85%的美國人沒有獲得認證，因此被排除在外。第三，投資組合更加集中。他們想再次使用他們喜愛的名字。

And so when we designed the product, that was our main use case, how do we do that? And we think we found a great way to do that. We're on a file with the SEC for Robinhood Ventures I. We're in the quiet period, so we can't say too much more there. But we think this vehicle will be great and expect pretty strong customer demand.

因此，在設計產品時，我們的主要用例就是：我們該如何實現這個用例？我們認為我們找到了實現這一目標的絕佳方法。我們正在向美國證券交易委員會提交 Robinhood Ventures I 的相關文件。目前處於靜默期，所以我們不能透露太多資訊。但我們認為這款車會很棒，預計市場需求會非常強勁。

And then the other thing we're working on is how do you make it great for companies because you need both the customers but also the companies. And so we're trying to think what's the best way to partner and innovate with these customers and companies as well and have some really great traction there. So we're excited to share more about the fund in the coming months. But as Vlad said, this is just Fund I and just to start, our ambitions in the space are pretty large.

我們正在研究的另一件事是如何讓它對公司有利，因為我們既需要客戶，也需要公司。因此，我們正在努力思考如何才能最好地與這些客戶和公司合作創新，並取得真正的成功。因此，我們很高興在接下來的幾個月與大家分享更多關於該基金的資訊。但正如弗拉德所說，這只是第一期基金，只是個開始，我們在這個領域的雄心壯志相當遠大。

Jeff John Roberts, Fortune.

傑夫約翰羅伯茨，《財星》雜誌。

My question is about tokenized equities, which seem to be the future, and they seem very cool. But I'm curious, when do you think they're going to scale Vlad? And also what implications they might have for Robinhood's revenue when it comes to payment for order flow or otherwise?

我的問題是關於代幣化股權的，這似乎是未來發展的方向，而且看起來非常酷。但我很好奇，你覺得他們什麼時候會加強弗拉德的實力？此外，這些因素在訂單流支付或其他方面可能會對 Robinhood 的收入產生哪些影響？

Yes. Great to see you, by the way. I forgot to mention we have some folks from the media joining us today, too. So thanks for the question. So tokenized equities, as you might remember from the event in France, there's three phases to the rollout.

是的。很高興見到你。我忘了說，今天還有一些媒體朋友也加入我們。謝謝你的提問。所以，正如你可能從法國的活動中了解到的那樣，代幣化股權的推出分為三個階段。

And we're still in Phase 1, but we're really ramping up the number of tokens available on the platform. So we're now up over 400 available. And I think that makes us the largest in terms of selection. I think, the largest, maybe one of the largest at the very least. But I think where it really starts to get interesting is Phase 2 and Phase 3, which is them available for secondary trading on Bitstamp and then eventually them being on DeFi where the possibilities really start to multiply.

我們目前仍處於第一階段，但我們正在大幅增加平台上可用的代幣數量。所以現在我們有超過 400 個可用。我認為這使我們在產品選擇方面成為規模最大的。我認為，它是最大的，至少也是最大的之一。但我認為真正有趣的地方在於第二階段和第三階段，屆時它們將在 Bitstamp 上進行二級交易，最終進入 DeFi 領域，屆時各種可能性將成倍增長。

You start thinking about self-custody collateralized lending and borrowing, which we think could be very, very disruptive as well. Currently, the model is just foreign exchange in the EU. Yes, we take a relatively low simple foreign exchange fee for tokens. And actually, we're pretty happy with that. I think that's 10 basis points, if I'm not mistaken, which is actually slightly higher than what we would be foregoing with payment for order flow.

你會開始思考自保抵押貸款，我們認為這也可能造成非常大的破壞。目前，該模式僅限於歐盟的外匯交易。是的，我們對代幣收取相對較低的簡單外匯兌換費。事實上，我們對此相當滿意。如果我沒記錯的話，應該是 10 個基點，這實際上比我們透過支付訂單流而放棄的金額略高一些。

All right. The next question in the front row.

好的。前排的下一個問題。

Vlad, this is for you. Anyone who's had the pleasure of being an investor or customer over the last many years, I think has seen an incredibly inspirational change in product execution base. I'm curious to understand from you guys, what have been the contributing factors there? How do you see that maintaining or increasing over the coming years, but really incredible job, and it's so fun to be a customer.

弗拉德，這是給你的。我認為，過去多年有幸成為投資者或客戶的人，都見證了產品執行基礎發生的令人振奮的巨大變化。我很想知道，各位，造成這種情況的原因有哪些？您認為未來幾年如何維持或提升這項業績？但這份工作真的非常出色，成為貴公司的客戶也是一件非常愉快的事。

Well, thank you. Yes, we appreciate that. I think that we've grown as a company and I think it's easy to sort of like dismiss what happened during COVID as we were sort of like too bloated and got too big and got away from us. But I think a lot of what we did actually was we built the foundation for the company subsequent to that. So we brought great people into the company.

謝謝。是的，我們很感激。我認為我們公司已經成長了，但很容易把新冠疫情期間發生的事情歸咎於我們當時過於臃腫、規模過大，反而失控了。但我認為我們所做的很多事情，實際上都為公司後來的發展奠定了基礎。所以我們為公司引進了優秀人才。

And I think we realized well -- we realized that we had to ask ourselves serious questions about what kind of culture we wanted, what we wanted to be, did we want to ship fast. And I think that set the foundation, both infrastructurally and from a people standpoint to the product velocity that you see now. So I think we obviously had to make some tough decisions getting fit. I think we've also -- I think this is sort of underreported.

我認為我們很清楚地意識到——我們必須認真地問自己，我們想要什麼樣的文化，我們想成為什麼樣的人，我們是否想要快速出貨。我認為這為如今的產品發展速度奠定了基礎，無論是在基礎設施還是在人員方面。所以我覺得，為了保持健康，我們顯然必須做出一些艱難的決定。我認為我們也——我認為這方面報道不足。

I think a lot of people don't like to talk about this, but we were pretty early to adopt AI and actually like drive that through the organization, particularly in the areas where we think there's maximum impact, customer service and engineering, where we actually -- I believe, we're best-in-class in our industry.

我認為很多人不喜歡談論這個話題，但我們很早就開始採用人工智慧，並且真正地在整個組織中推動人工智慧的發展，尤其是在我們認為影響最大的領域，例如客戶服務和工程，我相信，我們在這些領域是業內最好的。

So you'll hear more about that at the AI event, but I think that there's not a lot said about that because we're not a foundation model company, but I think we're right up there leading the financial services industry with -- how we're deploying it at scale.

所以你會在人工智慧大會上聽到更多相關內容，但我認為這方面談論不多，因為我們不是一家基金會模式的公司，但我認為我們在大規模部署方面，正處於金融服務業的領先地位。

Two things that I would add, which I think both relate to speed of decision-making. We made the change to a general manager model. And I think having leaders over their specific business owning goals and driving against their milestones helped us move faster.

我還要補充兩點，我認為這兩點都跟決策速度有關。我們改用總經理模式。我認為，讓領導者對自己的具體業務負責，設定目標並朝著里程碑努力，有助於我們更快地前進。

The second piece was alignment on what our financial tenants were around kind of what the ROI and other financial guardrails are and just getting a complete alignment across the teams that build and the teams that support on what those hurdles are and what those requirements are allowed us to move even faster once there was alignment on that. So those are two aspects that I think help us move faster.

第二點是明確我們的財務原則，例如投資報酬率和其他財務保障措施，讓建構團隊和支援團隊完全理解這些障礙和要求，這樣一來，一旦達成一致，我們就能更快地前進。我認為這兩個方面有助於我們加快步伐。

All right. Yes, and also in the front row.

好的。是的，而且我還坐在前排。

Cryptocurrency-related products and revenue have been an important part of Robinhood's growth story. What are your thoughts on adopting Bitcoin or other digital assets as part of your corporate treasury strategy?

與加密貨幣相關的產品和收入一直是 Robinhood 發展歷程中的重要組成部分。您如何看待將比特幣或其他數位資產納入公司財務策略？

Shiv, what do you think about that one?

希夫，你覺得這樣怎麼樣？

So we spend a lot of time thinking about this. We like alignment with the community. We are a big player in crypto. We want to keep doing it. We like that our customers are engaged in it.

所以我們花了很多時間思考這個問題。我們喜歡與社區保持一致。我們在加密貨幣領域扮演著重要角色。我們想繼續這樣做。我們很高興看到我們的客戶積極參與其中。

What we always try to figure out is, is it the right thing for shareholders as well. If you put it on your balance sheet, it has the positives in that you're aligned with the community, but it does take up capital. Our shareholders can also go and buy Bitcoin directly on Robinhood, and so are we making that decision for them? And is it the best use of our capital? There's a lot of different things you're doing from new products for growth, investing in engineering.

我們一直在努力弄清楚的是，這對股東來說是否也是正確的做法。如果把它列入資產負債表，它的優點在於你與社區保持一致，但它確實會佔用資金。我們的股東也可以直接在 Robinhood 上購買比特幣，難道我們要替他們做這個決定嗎？這真的是我們資金的最佳用途嗎？你們做了很多不同的事情，包括開發新產品以促進成長，以及投資工程技術。

So we have this debate constantly. And I think the short answer is we're still thinking about it. There's pros and cons to both of it, and it's one that we're going to keep actively looking at.

所以我們一直在爭論這個問題。簡而言之，我們仍在考慮這個問題。兩者各有利弊，我們會繼續積極研究這個問題。

All right. Before we move to the virtual queue, are there any other questions from folks in person? All right. Now to the dial-in community. All right. (Event Instructions)

好的。在我們進入虛擬排隊之前，現場提問的各位還有其他問題嗎？好的。現在輪到撥接上網的用戶了。好的。（活動須知）

So the first question is from James Yaro at Goldman Sachs. All right. We're not -- we don't have James at the moment. So we'll go to the next question. And James, jump back in if you can hear us. All right. So the next question is from Ben Budish at Barclays. All right. Well, in the meantime, while we work to connect with our virtual community, Alex Markgraff, do you have another question? All right.

第一個問題來自高盛的詹姆斯·亞羅。好的。我們現在沒有詹姆斯。那我們來看下一個問題。詹姆斯，如果你聽得到我們說話，就請重新加入。好的。下一個問題來自巴克萊銀行的本·布迪什。好的。好的，同時，在我們努力與虛擬社群建立聯繫之際，Alex Markgraff，你還有其他問題嗎？好的。

Let's get Alex a mic. Shiv, do you want to tell -- share any more about yourself while we're waiting?

我們給亞歷克斯拿個麥克風吧。Shiv，在我們等待的這段時間裡，你想再跟我們分享一下你自己的事情嗎？

I think we're getting Alex on mic. So we're in good shape.

我覺得我們會讓 Alex 接話。所以我們情況良好。

Vlad, you mentioned the wealth transfer in your prepared remarks. And I'd just be curious to get your thoughts as to in that sort of longer arc opportunity where we are today. And then Jason or Shiv, maybe just thinking about the contribution to growth, again, sort of a longer-term question, but when we think about the contribution to growth from the wealth transfer, how should we sort of think about that over a five, 10-year arc?

弗拉德，你在事先準備好的演講稿中提到了財富轉移的問題。我很好奇您對我們今天所處的這種更長遠的發展機會有何看法。然後，Jason 或 Shiv，也許會思考一下對成長的貢獻，這又是一個比較長期的問題，但是當我們思考財富轉移對成長的貢獻時，我們應該如何看待未來 5 年、10 年的發展呢？

Yes. Maybe I'll start with some of the things we're thinking about on the product side. We've been really thinking about how to make Robinhood more useful for you, the more of your family is on it. So -- and -- you see this with credit card and now the banking offering. Like the product is really a family product.

是的。或許我可以先談談我們在產品方面正在考慮的一些事情。我們一直在認真思考如何讓 Robinhood 對您更有用，尤其是在您的家人越來越多的時候。所以——而且——你在信用卡和現在的銀行服務中都能看到這一點。感覺這款產品真的是適合全家大小使用的產品。

Family is a first-class experience. You can get your partner, a credit card or a bank account and make it really easy to create accounts for children and other household staff as well. And a lot of people have been using it as like a family financial hub.

家庭是一種一流的體驗。你可以讓你的伴侶辦理信用卡或銀行帳戶，而且讓為孩子和其他家庭工作人員建立帳戶變得非常容易。很多人都把它當作家庭財務中心來使用。

And I think you should expect that to be broader and deeper across the entire ecosystem. You guys might probably recognize even though we've added a bunch of account types to the product, a few years ago, Robinhood just used to be a single individual brokerage account.

我認為你應該預料到這種情況會在整個生態系統中得到更廣泛的、更深入的改變。你們可能已經注意到，雖然我們已經在產品中添加了許多帳戶類型，但幾年前，Robinhood 還只是一個個人經紀帳戶。

We didn't even have retirement accounts. Now you have retirement accounts. You can have recently launched up to 10 custom individual brokerage accounts, which people have been really loving. But we still have a ways to go. We don't have trust.

我們甚至連退休帳戶都沒有。現在你擁有了退休帳戶。您最近可以開設多達 10 個客製化的個人經紀帳戶，人們非常喜歡這項服務。但我們還有很長的路要走。我們之間缺乏信任。

We don't have custodial, but we think that's an opportunity to continue to both get people when they're younger, but also when customers get wealthier, they tend to start diversifying, putting things into trust. So we see that as an opportunity as well.

我們沒有託管服務，但我們認為這是一個機會，既可以繼續在人們年輕的時候吸引他們，也可以在客戶變得更富有的時候吸引他們，因為他們往往會開始分散投資，將資產放入信託中。所以我們也把這當成一個機會。

And I think this is an area where trade PMR is also going to become increasingly important as we work to integrate that platform, particularly as financial needs become a little bit more complicated, having a person there to help you navigate the entire thing and give a little bit more customized advice, I think will be a great complement to our suite of digital services. So over the next year, you'll see a lot more. We're attacking this problem and this huge $100-plus trillion opportunity from multiple angles.

我認為，隨著我們努力整合該平台，交易 PMR 也將變得越來越重要，尤其是在金融需求變得更加複雜的情況下，有人可以幫助您應對整個過程並提供一些更個性化的建議，我認為這將是我們數位服務套件的一個很好的補充。所以在接下來的一年裡，你會看到更多。我們將從多個角度著手解決這個問題，並抓住這個價值超過 100 兆美元的巨大機會。

And I actually -- I don't think it's on the radar of a lot of our competitors. I mean you don't hear about people designing with the whole family in mind. And I think that's a big opportunity for us to differentiate.

事實上，我認為很多競爭對手都沒有註意到這一點。我的意思是，你很少聽到有人在設計時會考慮到整個家庭的需求。我認為這是我們實現差異化的絕佳機會。

Stepping back, we've been winning market share really across every category that we're in. And I think as we execute against the vision that Vlad was sharing, we're positioned to take an outsized share of that -- of the wealth transfer.

從整體來看，我們在所涉足的每個品類中都贏得了市場份額。我認為，當我們按照弗拉德所分享的願景執行時，我們將有機會獲得財富轉移中相當大的一部分。

All right. The next question I'm going to read on behalf of James Yaro from Goldman Sachs. We are seeing tokenization across Robinhood and other firms and your tokenized equities product and those of peers are not interoperable as they are slightly differently structured and on different blockchains in many cases. Does this result in fragmentation of liquidity across the equity market? How do you expect this market to develop?

好的。接下來我將代表高盛的詹姆斯·亞羅宣讀一個問題。我們看到 Robinhood 和其他公司都在進行代幣化，但你們的代幣化股票產品與同行的產品並不相容，因為它們的結構略有不同，而且在許多情況下位於不同的區塊鏈上。這是否會導致股票市場流動性分散？您預計這個市場將如何發展？

And how would you make these tokenized stocks interoperable?

那麼，您將如何使這些代幣化股票實現互通性？

Yes. Yes, I can peel that one. So right now, certainly, Robinhood stock tokens are not as interoperable as we would like, but that's just because they're actually not on DeFi yet. So they're very much in the Robinhood walled garden, which has certain advantages. Right now, every trade that a customer does is backed by a traditional equities trade in a TradFi market.

是的。是的，我可以剝開它。所以目前，Robinhood 股票代幣的互通性當然不如我們希望的那麼好，但這只是因為它們實際上還沒有在 DeFi 上實現。所以他們基本上處於羅賓漢的圍牆花園之中，這有一定的優勢。目前，客戶進行的每一筆交易都有一筆傳統的股票交易在 TradFi 市場支援。

And as we continue to build up the liquidity and the collection of -- and the supply of tokens, I think that's going to lead to actually a really great initial customer experience. Over time, I do expect greater interoperability.

隨著我們不斷增加流動性、收集代幣以及增加代幣供應，我認為這將帶來非常棒的初始客戶體驗。隨著時間的推移，我預計互通性會得到提升。

As you've seen with other assets in the crypto world, even if they're on other chains, the community tends to get involved and build bridges and wrappers. And so I think that's less of a concern. I think every major tokenized asset will eventually end up being multichain.

正如你在加密貨幣世界的其他資產中所看到的，即使它們位於不同的鏈上，社區也傾向於參與其中，並建立​​橋樑和封裝層。所以我認為這不是什麼值得擔憂的問題。我認為所有主流的代幣化資產最終都會是多鏈的。

So it's just a question of how do we get there. But interoperability, not a huge concern. I think it will come. In terms of liquidity fragmentation, I mean, that's nothing new, especially if you look at it on a global level across all asset classes, there's multiple exchanges. There are multiple market makers involved.

所以問題變成了我們如何才能到達那裡。但互通性並不是一個很大的問題。我覺得它會來的。就流動性分散而言，我的意思是，這並不新鮮，尤其是在全球範圍內，所有資產類別都有多個交易所。涉及的做市商不只一家。

And this is something that they know how to deal with, managing liquidity and trading across different venues. And I think in some ways, crypto technology and infrastructure makes that a somewhat easier problem because the cost and complexity of integration from an engineering standpoint is just -- tends to be much simpler.

而這正是他們擅長的，他們能夠管理流動性並在不同的交易場所進行交易。我認為在某些方面，加密技術和基礎設施使這個問題變得更容易解決，因為從工程角度來看，整合的成本和複雜性往往要簡單得多。

All right. Thank you, Vlad. The next question is for Jason, and it's from Ben Budish at Barclays. I'll read it on his behalf. You've called out a number of cost items impacting this year, some of which it sounds like won't recur.

好的。謝謝你，弗拉德。下一個問題是問傑森的，提問者是巴克萊銀行的本·布迪什。我將代他朗讀。您列舉了一些影響今年的成本項目，其中一些似乎不會再次發生。

How should we think about the run rate into 2026?

我們該如何看待到 2026 年的運行率？

Yes. So we're working through planning right now for 2026. But what I would tell you is that we're approaching it the same way that we've approached the last couple of years, which is we think that we can invest for growth while delivering profitable growth, meaning margin expansion.

是的。所以我們現在正在製定2026年的計畫。但我可以告訴你們的是，我們採取的方法與過去幾年一樣，那就是我們認為我們可以在實現盈利增長的同時進行投資，這意味著利潤率的擴大。

The way that we approach that is that we ask the existing businesses to find efficiencies. And when we set targets and build our plans, we ask them to grow their cost base in the low single digits and in some cases, even lower.

我們採取的方法是要求現有企業提高效率。當我們設定目標並制定計劃時，我們會要求他們的成本基礎成長幅度保持在個位數，在某些情況下甚至更低。

And we use those savings then to reinvest into growth, things like increasing spend in marketing, which we love the ROI efficiency of our marketing spend, but then also investing in new businesses. And you see the kind of outcomes that we've been able to deliver the last couple of years in terms of fast revenue growth and relatively more modest expense growth, and that's the approach that we're taking right now for -- as we plan for 2026.

然後我們將節省的資金再投資於成長，例如增加行銷支出（我們非常看好行銷支出的投資報酬率），以及投資新業務。您可以看到，在過去幾年裡，我們在快速的收入成長和相對溫和的費用成長方面取得了這樣的成果，而這正是我們目前正在採取的方法——為 2026 年制定計劃。

All right. Thank you, Jason. We're going to take another shot at going to the live phone queue. All right. So the next question is from Brian Bedell at Deutsche Bank.

好的。謝謝你，傑森。我們將再次嘗試使用即時電話排隊系統。好的。下一個問題來自德意志銀行的布萊恩·貝德爾。

Can you hear me okay?

你聽得清楚我說話嗎？

We hear you. The telephone works.

我們聽到了。電話能用。

Excellent. All right. The old-fashioned, TradFi telephone. Well, I just want to say, first of all, congrats, Jason, on retirement. It's been great working with you, and welcome, Shiv.

出色的。好的。老式的 TradFi 電話。首先，我想說，恭喜傑森光榮退休。和你一起工作非常愉快，歡迎你，Shiv。

Looking forward to working with you as well. Maybe my question will go to Prediction Markets. So maybe if you can just talk about how the customer behavior has been forming just in the last two months. We've seen a big increase in volume, obviously, in September with the NFL and college games added. And how are you seeing that maybe sort of shape in coming into October?

期待與您合作。或許我的問題應該會轉到預測市場版塊。所以，您能否談談過去兩個月來客戶行為是如何形成的？很明顯，9 月隨著 NFL 和大學比賽的加入，我們的收聽量大幅增加。你如何看待十月份可能出現的這種趨勢？

Are you seeing that volume increase coming from more new users coming into the Prediction Markets or rather greater usage of existing users? And then if you can talk about maybe just your thoughts around time line of launching new contracts and potentially even weaving in things around maybe single stocks that active traders can start using.

您認為交易量的成長是因為更多新用戶進入預測市場，還是現有用戶使用量的增加？然後，如果您能談談您對推出新合約的時間表的想法，甚至可以考慮加入一些關於活躍交易者可以開始使用的個股的內容。

Yes, I can start. We are working on this. We've actually increased the diversity of the contracts we offer tremendously in the past few weeks, launching entirely new categories. I mean, recently, lots of new entertainment and culture markets -- you've seen us broaden out the technology markets as well. So now we're offering over 1,000 live event contracts for customers to trade.

是的，我可以開始了。我們正在努力解決這個問題。在過去的幾周里，我們大大增加了所提供的合約種類，推出了全新的類別。我的意思是，最近湧現了許多新的娛樂和文化市場——你也看到了我們拓展了科技市場。所以現在我們為客戶提供超過 1000 份現場活動合約進行交易。

We're seeing a lot of adoption. It might not be surprised because we have such a large established customer base, a lot of adoption from existing users, particularly traders, but we're seeing new customers as well. So there's customers that join Robinhood because they want access to our prediction markets offering.

我們看到採用率很高。這或許並不令人驚訝，因為我們擁有龐大的成熟客戶群，現有用戶（尤其是交易者）的採用率很高，但我們也看到了新客戶的湧入。所以有些客戶加入 Robinhood 是因為他們想要使用我們的預測市場服務。

And I think there's plenty more we could do, not just increasing contract diversity, but making the user experience better, making it a little bit more discoverable in the product. And the team continues to work hard. You should see the product continue to improve week-over-week.

我認為我們還可以做更多的事情，不僅是增加合約多樣性，還要改善用戶體驗，讓產品更容易被發現。團隊仍在繼續努力。你應該會看到產品每週都在持續改進。

Much like our active trader offering, a relatively smaller portion of our customers are participating in the market. And I think as we continue to work on the user interface and discoverability of the product, we've got expectation that we can take that higher.

與我們的活躍交易者服務類似，參與市場交易的客戶比例相對較小。我認為，隨著我們不斷改進產品的使用者介面和可發現性，我們有信心將這方面提升到更高的水平。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Great job again on an outstanding quarter. I wanted to thank you Jason. Thank you, Jason. It was a pleasure working with you, and I look forward to working with you, Shiv. And my question for you, Vlad, is Bitstamp very, very strong, I think, over 60% growth quarter-over-quarter.

本季表現出色，再次取得佳績。我想感謝你，傑森。謝謝你，傑森。和你一起工作非常愉快，期待下次再和你合作，Shiv。弗拉德，我的問題是，Bitstamp 是否非常非常強勁，我認為它季度環比增長超過 60%。

This seems incredibly strategic to Robinhood. Can you maybe elaborate on the long-term strategic importance of this because it seems to be off to a great start.

這對Robinhood來說似乎極具戰略意義。您能否詳細闡述這項舉措的長期策略重要性，因為它似乎開局良好。

Yes. And actually, it was -- we've had the pleasure of the Bitstamp team on the engineering side is actually at our offices. So we got to hang out with a lot of them yesterday with Johann and really talk through what's our plan for next year. And you're right that we've had pretty tremendous success growing volumes and improving the product post acquisition. But we definitely aren't getting complacent.

是的。事實上，Bitstamp 工程團隊的成員就在我們的辦公室，我們非常榮幸能與他們共事。昨天我們和約翰一起跟他們中的許多人聚了聚，認真地討論了我們明年的計劃。你說得對，收購後我們在銷售成長和產品改進方面取得了相當大的成功。但我們絕不會因此而自滿。

We're not slowing down. We see a huge opportunity. I think Bitstamp can be very key to our tokenization plans as we enter Phase 2 of our tokenization vision. We really want to lean in there and give people access to real assets that have fundamental utility on the platform. It's also our first institutional business.

我們不會放慢腳步。我們看到了巨大的機會。我認為，隨著我們進入代幣化願景的第二階段，Bitstamp 可以成為我們代幣化計畫的關鍵組成部分。我們真心希望深入其中，讓人們獲得在平台上具有根本實用價值的真正資產。這也是我們的第一筆機構業務。

And the one thing I really appreciate with institutional customers is they have lots of choices for where they take their business, and they're definitely not shy about telling us all of the things that we do -- that we need to do better, which there are a lot of, believe it or not.

我非常欣賞機構客戶的一點是，他們有很多選擇，可以自由選擇業務合作對象，而且他們也毫不猶豫地告訴我們所有需要改進的地方——信不信由你，需要改進的地方有很多。

I think we -- there's so many things that we hear from our institutional customers. So we're going to have a busy year. And I think that as we continue to be successful and build more things, I think we'll see that volumes and market shares will follow.

我認為我們—我們從機構客戶那裡聽到了很多回饋。所以今年我們會很忙。我認為，隨著我們不斷取得成功並開發更多產品，銷售和市場佔有率也會隨之成長。

All right.

好的。

Johann is very nervous watching me say all this.

約翰看著我說這些話，非常緊張。

Brett Knoblauch, Cantor.

Brett Knoblauch，坎托爾。

Congrats on the quarter. On the Robinhood Social, could you maybe just dive into that a bit deeper and when you expect for that to rollout and how you expect maybe users to begin using that and how should impact maybe financials and when you would expect it to impact financials going forward?

恭喜你本季取得佳績。關於 Robinhood Social，您能否更深入地探討一下，您預計何時推出，用戶將如何開始使用它，以及它將如何影響財務狀況，您預計它將如何影響未來的財務狀況？

Yes. I think this is something where it may be somewhat challenging to forecast precisely the impact because the way we see it is this is going to be a new source of information for customers. It will be a source of trading ideas.

是的。我認為這件事的影響可能很難準確預測，因為我們認為這將成為客戶獲取資訊的新來源。它將成為交易思路的來源。

We really want the product to be great, and we think that it can be just a source of information. We want to -- we think we can be the place where a lot of business and financial-related discussion can happen and hopefully originate.

我們真心希望這款產品能夠出色，並且我們認為它可以成為一個資訊來源。我們希望——我們認為我們可以成為許多商業和金融相關討論發生和起源的地方。

And we've done some experiments with social features over the years. And we have seen that when executed properly, and I think we're being very thoughtful with how to make sure all of the content is high quality, of course, with verification of traders, we have an advantage there.

這些年來，我們對社交功能進行了一些實驗。我們已經看到，如果執行得當，而且我認為我們正在非常認真地考慮如何確保所有內容都是高品質的，當然，透過對交易者的驗證，我們在這方面具有優勢。

We think it can be an engaging product that makes Robinhood not just useful when you have an idea that you want to trade on, but it can be actually where your ideas originate, which I think is a big opportunity because it allows us to close the loop.

我們認為它可以成為一款引人入勝的產品，讓 Robinhood 不僅在你產生想要交易的想法時有用，而且它實際上還可以成為你想法的起源地，我認為這是一個巨大的機會，因為它使我們能夠形成閉環。

And if the ideas come from Robinhood and we're the place where they execute on the trades, the platform just becomes more powerful. And that power and the network effect will continue as we continue to roll out more assets.

如果這些想法來自 Robinhood，而我們是他們執行交易的地方，那麼這個平台就會變得更強大。隨著我們不斷推出更多資產，這種力量和網路效應將會持續下去。

I think we're going to be the only place where you're going to have live verified trades across not just equities, options and crypto, but also prediction markets and futures. And so the diversity of content, I think, should be quite compelling for folks that are interested in business and finance.

我認為我們將是唯一一個不僅提供股票、選擇權和加密貨幣的即時驗證交易，還提供預測市場和期貨交易的地方。因此，我認為，內容的多樣性應該會對那些對商業和金融感興趣的人來說很有吸引力。

In terms of monetization, we really see this as an opportunity to spin the flywheel, attract more customers to the platform because of the rich social experience and then be able to capture a greater share of trading activity and other financial activities across the platform.

就獲利而言，我們認為這是一個啟動飛輪的機會，透過豐富的社交體驗吸引更多客戶加入平台，從而在平台上獲得更大的交易活動和其他金融活動份額。

Edward Engel, Compass Point.

愛德華‧恩格爾，指南針點。

You talked about aspirations outside the US and you guys talked about over half of, hopefully, one day, your user base will be outside the US. How does M&A play into that strategy? And can we expect you to kind of continue kind of launching market by market? Or could they create an opportunity to kind of launching a couple of markets simultaneously given a bigger transaction?

你們談到了在美國以外的發展願景，你們也談到，希望有一天，你們超過一半的用戶群將來自美國以外。併購在這項策略中扮演什麼角色？我們是否可以期待你們繼續採取逐一市場推出產品的策略？或者，如果交易金額較大，他們能否創造機會同時推出幾個市場？

Over time, I think it's probably a mix. I mean we naturally gravitate towards organic growth, and you're seeing examples of that, for example, in the UK, but we do have an active corp dev team. Actually, Shiv has been leading that for some time now. And when deals make sense for us, great team, great technology, ability to accelerate the roadmap, we don't shy away from those kinds of opportunities as well.

隨著時間的推移，我認為它可能是一種混合體。我的意思是，我們自然而然地傾向於有機成長，例如在英國，你就能看到這樣的例子，但我們確實有一個活躍的企業發展團隊。事實上，Shiv 已經領導這項工作一段時間了。當交易對我們來說有意義時，例如擁有優秀的團隊、先進的技術，能夠加速產品路線圖的實現，我們也不會迴避這類機會。

Steven Chubak, Wolfe.

史蒂文·丘巴克，沃爾夫。

Congrats, Jason and Shiv. I wanted to start with a question just on the international strategy and the growth that you've seen thus far. I was hoping to get some perspective, Vlad, in terms of how that growth is tracking relative to plan? Is there more that you can do in terms of product deployment and innovation to maybe help accelerate that growth? It just hasn't gotten as much airplay as like some of the other opportunities.

恭喜傑森和希芙。我想先問一個關於國際戰略以及迄今為止您所取得的成長方面的問題。弗拉德，我希望能了解一下，目前的成長情況與計畫相比如何？在產品部署和創新方面，您是否還可以做更多工作來幫助加速這一成長？只是它不像其他一些歌曲那樣獲得足夠的播放量。

So I was hoping you can unpack that a little bit further.

所以，我希望你能再詳細解釋一下。

Yes. I think it's still early in our international plan. That's why when we talk about this opportunity, it's really a 10-year vision because unlike the US, when we expand into these markets, we don't have an existing established customer base to cross-sell into. But we're really seeing signs that we like. And so we've continued to invest even more.

是的。我認為我們的國際計劃還處於早期階段。這就是為什麼當我們談到這個機會時，這實際上是一個 10 年的願景，因為與美國不同，當我們擴展到這些市場時，我們沒有現有的成熟客戶群可以進行交叉銷售。但我們確實看到了一些令人欣喜的跡象。因此，我們繼續加大投資力度。

Cohort activity, both in the UK and the EU has been improving, and that's actually led us to start doing marketing initiatives because we're starting to see like real ROIs to marketing activity as revenue goes online. In the EU with -- to catch a token event just a few months ago, we launched in 30 countries with stock tokens, which we're really excited about. I mean you've seen that ramp up. But again, it was a couple of months ago.

英國和歐盟的團體活動都在不斷改善，這實際上促使我們開始進行行銷活動，因為隨著收入轉向線上，我們開始看到行銷活動的實際投資報酬率。在歐盟，為了抓住幾個月前的代幣發行機會，我們在 30 個國家推出了股票代幣，我們對此感到非常興奮。我的意思是，你已經看到了這種成長勢頭。但那已經是幾個月前的事了。

So not much time has passed. So I think this is one of those things where five, 10 years from now, we'll look back and we'll say, man, we underestimated the growth of that business as we tend to do with things that are early. But we like the early signs, and we're continuing to increase our investment. And there's so much to build. I mean, even I mentioned with tokenization, we're still just in Phase 1.

所以時間並沒有過去多久。所以我覺得這件事就是那種五年、十年後，我們回頭看時會說「哎呀，我們低估了這項業務的成長」的事情，就像我們對待早期事物時經常做的那樣。但我們對目前的良好勢頭感到滿意，並將繼續加大投資。還有太多東西要建造。我的意思是，即使我提到了分詞，我們目前還處於第一階段。

So I think over time, it will become clear how those products actually have significant advantages over what you might find elsewhere.

所以我認為隨著時間的推移，這些產品相比其他地方的產品，其顯著優勢將會逐漸顯現出來。

All right. Thank you. The next question is from Amit. [Amit] is investing.

好的。謝謝。下一個問題來自 Amit。 [Amit] 正在進行投資。

A big thank you, Jason, over the years on your execution and congrats to you, Shiv, on your new role. My question is for you, Vlad. Going back to tokenization, you recently said tokenization will eat the broader financial system.

傑森，非常感謝你多年來的出色表現；希芙，恭喜你履新。弗拉德，我的問題想問你。回到代幣化這個話題，你最近說過代幣化會吞噬整個金融體系。

Outside of just tokenized equities, can you give us a more larger look on how big of a size the opportunity is, why right now is the time to go after it? And what Robinhood is really thinking about over the next couple of years in terms of taking advantage of the opportunity?

除了代幣化股權之外，您能否更全面地介紹一下這個機會的規模有多大，以及為什麼現在是抓住這個機會的好時機？那麼，在未來幾年裡，Robinhood 究竟在考慮如何利用這項機會呢？

I know there's a lot of different other assets besides equities that could be tokenized. So can you just speak a little bit more on how you guys are thinking of the opportunity?

我知道除了股票之外，還有很多其他資產可以進行代幣化。那麼，你們能否再詳細談談你們是如何看待這個機會的呢？

Yes. I think the opportunity is very exciting. One of the things that I think is both a problem and an opportunity with the traditional crypto is that crypto and the traditional financial system up until fairly recently have kind of been two separate worlds.

是的。我認為這是一個非常令人興奮的機會。我認為傳統加密貨幣的一個問題和機會在於，直到最近，加密貨幣和傳統金融體系基本上還是兩個獨立的世界。

And I think Robinhood has a unique position as a scaled crypto business, but also a scaled business in traditional finance to bridge the two and actually make room for what we consider traditional assets, but really things like securities, products with real fundamental utility to leverage blockchain technology and actually be tradable on chain where customers can self-custody, they can engage with a variety of protocols, collateralized borrowing and lending and where those assets can be traded 24/7 real time in fractional quantities. You've obviously seen some efforts in private companies in the EU with our OpenAI and SpaceX token giveaways there.

我認為 Robinhood 作為一家規模化的加密貨幣企業，同時也是一家規模化的傳統金融企業，擁有獨特的地位，能夠彌合兩者之間的差距，並為我們認為的傳統資產（例如證券）騰出空間，這些資產具有真正的基本實用性，可以利用區塊鏈技術在鏈上進行交易，客戶可以自行託管，參與各種資產協議，進行即時交易以進行這些資產數量可以全天候交易。顯然，您已經看到了歐盟一些私人公司為推廣 OpenAI 和 SpaceX 代幣所做的努力。

So I think we're really interested in continuing to pull on that and making those products available to customers. The other opportunities that I'm personally excited about is real estate, private credit, unique assets and collectibles like art. If you think about what's a part of your portfolio, if you're a high net worth individual, there's a lot of these assets that actually retail can't access currently.

所以我認為我們非常有興趣繼續推動這項工作，並將這些產品提供給客戶。我個人比較感興趣的其他機會包括房地產、私人信貸、獨特資產和藝術品等收藏品。如果你是一位高淨值人士，想想你的投資組合包含哪些資產，你會發現其中有許多資產是一般散戶目前無法取得的。

And I think that tokenization is a way to enable that at scale and sort of like reduce some of the downsides that would typically be associated with holding those assets, like lack of liquidity being locked into positions, not being able to like chunk the assets out and invest in portions of them.

我認為代幣化是一種大規模實現這一目標的方法，並且可以減少持有這些資產通常會帶來的一些缺點，例如流動性不足、資金被鎖定在頭寸中、無法將資產分割出來並投資其中的一部分。

So that's why we're continuing to push on it, both in the US and outside. And you should expect this to become bigger and bigger in the coming years, of course, starting with stocks, which is the asset class that we think has the most potential, and we're also closest to.

所以這就是為什麼我們要繼續在美國和國外推動這項工作的原因。當然，你應該預料到這種情況在未來幾年會越來越大，首先會從股票開始，我們認為股票是最有潛力的資產類別，而且我們也離它最近。

[Roy, Crossroads]

[羅伊，十字路口]

Huge congratulations to Jason and also Shiv, and congrats to everybody on a great quarter, too. And very impressive, there's been a huge increase in predictions market activity. And I'm curious if the volume shown in the platform is a mix of Kalshi and Robinhood? Or is it just pure Robinhood? And also, is Robinhood considering expanding this internationally even alongside or even ahead of its current trading expansion plans?

熱烈祝賀Jason和Shiv，也祝賀大家本季取得佳績。非常令人印象深刻的是，預測市場活動出現了大幅成長。我很好奇平台上顯示的交易量是否是 Kalshi 和 Robinhood 的混合交易量？還是說它純粹就是羅賓漢式的騙局？此外，Robinhood 是否考慮在目前的交易擴張計劃之外，甚至在其現有交易擴張計劃之前，將業務拓展至國際市場？

Yes. I mean, sure. The volumes that we're showing are the volumes that are on Robinhood. I'm sure Kalshi is counting the activity that we send to them, which is quite substantial. And for contracts that we offer, I think a very large chunk of Kalshi's volume is actually coming from Robinhood.

是的。當然可以。我們看到的成交量是 Robinhood 平台上的成交量。我相信 Kalshi 會統計我們發送給他們的活動數量，而且數量相當可觀。至於我們提供的合約，我認為 Kalshi 的交易量很大一部分實際上來自 Robinhood。

In terms of international, Vlad, I'll let you cover that one.

至於國際方面，弗拉德，這部分就交給你負責了。

Yes. We're definitely looking into it closely. And you talk about tokenization as some of the previous callers have brought up, Prediction Markets is another asset class that actually has a strong crypto component, particularly outside the US.

是的。我們一定會密切關注此事。正如之前一些聽眾提到的那樣，您談到了代幣化，預測市場是另一個資產類別，它實際上具有很強的加密貨幣成分，尤其是在美國以外。

So we're definitely taking a look at what's the most effective way to get that to our customers. And I think it's going to be on a case-by-case basis, maybe slightly different in each jurisdiction, but we have some options as a scaled traditional player, but also on the crypto side, I think we will have our pick of what's best in each jurisdiction, and that's something we're definitely closely looking at.

所以我們正在認真研究將這些訊息傳遞給客戶的最有效方法。我認為這將視具體情況而定，每個司法管轄區的情況可能略有不同，但作為一家規模較大的傳統企業，我們有一些選擇，而且在加密貨幣方面，我認為我們可以選擇每個司法管轄區的最佳方案，這絕對是我們正在密切關注的事情。

Matti Daleiden, JPMorgan.

馬蒂戴爾登，摩根大通。

This is Matti on for Ken. On shorting, has Robinhood experienced a noticeable pickup in customers applying for margin accounts in order to participate in the short selling since your 3Q launch? What have early adoption numbers and customer behavior looked like in these first few months?

這是馬蒂替肯報道。關於做空，自 Robinhood 在第三季推出做空功能以來，申請保證金帳戶參與做空的客戶數量是否有明顯增加？在過去的幾個月裡，早期用戶數量和用戶行為如何？

Yes. So shorting is something that we've announced at the HOOD Summit event in Vegas a couple of weeks ago. Customers are very excited about it. It's somewhat hard to believe that we've been able to get to this point without offering shorting. But we've been rolling it out to employees and doing final testing.

是的。所以，做空是我們幾週前在拉斯維加斯舉行的 HOOD Summit 活動上宣布的一項舉措。顧客們對此非常興奮。很難相信我們竟然在沒有提供做空服務的情況下走到今天這一步。但我們一直在向員工推廣並進行最終測試。

It's actually not yet rolled out to external customers. So we think people will love it, but too early to tell. And I guess to answer your question, no. I mean, I don't think the increase in margin usage has been in anticipation of shorting because it's just not yet available.

實際上，這項服務尚未向外部客戶推出。所以我們認為人們會喜歡它，但現在下結論還為時過早。我想我可以回答你的問題，答案是否定的。我的意思是，我不認為保證金使用量的增加是為了做空，因為做空機會還沒出現。

The next question is from Tannor with Future Investing.

下一個問題來自 Future Investing 的 Tannor。

First off, I just wanted to start off with a -- can you guys hear me?

首先，我想先問一句──你們聽得到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你們的聲音。

Okay. Sorry. With a crypto question around crypto staking on the Robinhood platform so far, if there's any insights there? And then also just maybe a small request, if you guys are open to publishing event contract volume on their monthly metrics updates going forward? That's it.

好的。對不起。目前關於 Robinhood 平台上的加密貨幣質押問題，您有什麼見解嗎？另外，還有一個小小的請求，你們是否願意在未來的月度指標更新中公佈活動合約數量？就是這樣。

On the amount stake, I think it's -- we exited the quarter at about $1 billion. The market has been pretty volatile over the last few days. So I think it's come down a little bit, but customers are responding very well to the ability to stake.

關於持股金額，我認為——我們本季末的持股金額約為 10 億美元。過去幾天市場波動相當劇烈。所以我覺得價格有下降，但客戶對質押功能的反應非常好。

And what about the event contract volume published and monthly metrics?

那麼，已發布的活動合約數量和月度指標又如何呢？

Yes, I'll leave that with Shiv as something to consider. I don't want to promise that for him, but we do like, in all seriousness, being as transparent as possible for investors, and we're always looking at ways to provide incremental disclosure to help you understand the business. So that's something we'll look at.

是的，我會把這件事留給希夫考慮。我不想為他做出這樣的承諾，但我們確實非常重視對投資者保持盡可能高的透明度，並且我們一直在尋找方法來提供更多披露信息，以幫助您了解我們的業務。所以這是我們需要研究的問題。

Yes. Thanks for the suggestion.

是的。謝謝你的建議。

All right. That is the last question from our virtual queue. Is there anybody else in the audience here who didn't get to ask a question earlier that wants to ask a question?

好的。這是我們虛擬隊列中的最後一個問題。在座各位還有誰之前沒機會提問，現在想提問嗎？

Perhaps one of the virtual --

或許其中一個虛擬的--

All right. Well, I think let's pass it back to you, Vlad.

好的。好吧，我想還是把機會交還給你吧，弗拉德。

Okay. I think you guys should know that we are not slowing down. The team remains incredibly excited to continue our mission, and there's so much to do. Roadmap is full. AI event is coming up, which I think will be very, very exciting.

好的。我認為你們應該知道，我們並沒有放慢腳步。團隊仍然充滿熱情地繼續我們的使命，而且還有很多事情要做。路線圖已全部完成。人工智慧活動即將舉行，我認為這將非常非常精彩。

So hopefully, some of you will be able to join us there, at least virtually. And to commemorate this occasion, bittersweet, though it might be, I've learned that Jason has a favorite dessert. And so we've actually brought one here, and Jason wanted to share this with everyone in person and virtually vicariously, a [Baked Alaska].

所以，希望你們中的一些人能夠加入我們，至少可以透過網路參與。為了紀念這個喜憂參半的時刻，我得知傑森最喜歡的甜點是什麼。所以我們特地帶來了一台，傑森想親自和大家一起分享，也想透過網路間接分享。[烤阿拉斯加]。

You all wonder why I'm retiring.

你們都想知道我為什麼要退休。

Unfortunately, they wouldn't let us light it here even though that would have been very cool.

可惜的是，他們不允許我們在這裡點燃它，雖然那會很酷。

It looks incredible. It's the first time I've ever had it, actually growing up, my favorite was Lemon meringue pie, and this brings back fond memories. So -- and underneath, I anticipate there's ice cream, which is my favorite.

看起來棒極了。這是我第一次吃到它，其實我從小最喜歡的就是檸檬蛋白派，這個派勾起了我美好的回憶。所以——而且我猜下面會有冰淇淋，那是我最喜歡的。

I wish they gave me the lighter, and I just like tried unsuccessfully to light it.

我希望他們把打火機給我，但我試著點火卻失敗了。

Thank you, and I appreciate all the kind words of encouragement. And I do believe we're leaving the company in an incredible position. And I think you're going to find in short order that Shiv is, if not an upgrade, equally as good at driving the company forward. So thank you.

謝謝大家，謝謝你們所有的鼓勵和支持。而且我相信，當我們離開時，公司正處於一個非常有利的地位。而且我認為你很快就會發現，即使 Shiv 不是更勝一籌，他也同樣能夠有效地推動公司向前發展。所以，謝謝你。

Thank you. We'll see if he can finish an entire one of these. It looks like there's one for each of us up here.

謝謝。我們來看看他能不能完成其中一整份。看起來我們每個人都能在這裡找到一個。

We'll bring some of the team to help with that.

我們會派一些團隊成員去幫忙。

All right. Thank you.

好的。謝謝。

Thank you, all.

謝謝大家。